06 June 2024
Strong buyer demand and tight stock levels energise buyers
As we transition into Winter, May has brought a measured approach among buyers due to interest rate fluctuations and cost of living considerations. Despite these factors, tight stock levels across the Northern Beaches have fostered a healthy level of competition, maintaining a more competitive environment for properties that are realistically priced and appealing to buyers from the initial stages of the campaign.
As noted in previous updates, the initial stages of the campaign remain critical, with property styling once again proving invaluable in attracting potential buyers. Given the cautious behaviour from some buyers, it’s crucial that they see value and appeal from the moment they view the property. Styling can facilitate this by showcasing your property and helping buyers visualise the lifestyle they can enjoy in your home. A well-presented environment significantly enhances buyer engagement, whether the property is styled to avoid clutter or furnished to showcase its potential.
Accurate and realistic price guides are also essential in this market. Collaborating with your agent to understand the current conditions will help in setting a price that attracts and engages buyers from the outset.
Certain suburbs continue to perform exceptionally well. During May, we’ve seen remarkable results in areas like Allambie Heights. Our ‘on the quiet’ campaigns, typically a test phase before properties are fully launched to the market, have recently achieved incredible prices in this suburb. This success, driven by our strong database, has saved owners on a portion of their marketing costs. Allambie Heights continues to attract families due to its larger block sizes, district outlooks, and the new Forest High School opening in 2025, enhancing its appeal as a well-connected and family-friendly suburb.
Looking ahead, we anticipate stock levels to remain tight across the Northern Beaches, with a potential increase expected by mid-July to August as we edge closer to spring. Here at Cunninghams we also have some stock launching after the June long weekend, so for those buyers who want to get a jump on the market before Spring, keep an eye out on our website and socials!
Key Statistics for May:
Properties Sold: 46
Range of Sold Prices: $745,000 – $4,585,000
Average Days on Market (Sales): 30.95
Leased Listings: 36
Average Days on Market (Lease): 9.47
The leasing market remains robust, with low stock levels and high demand from potential tenants. Achieving an average days on market figure under 10 is unusual as we head into winter, given our beachside market’s seasonal nature. While a slight softening may occur, no significant trend has been observed yet.
Stay tuned as we inch closer towards 30 June and tax time. We will have more tips and insights for you to potentially help you get organised for end of financial year!
